A new report by Enfield Council has been published, setting out bold proposals to help first-time buyers onto the housing ladder and address the growing housing crisis facing young people across London.
The First-Time Buyers Commission, convened by Enfield Council in partnership with housing developer Pocket Living, brings together cross-party politicians and housing experts to propose practical reforms to make home ownership more achievable.
The report, Rebuilding the Ladder, highlights the challenges facing aspiring homeowners in London and across the UK, including rising house prices, high deposit requirements and restrictive mortgage lending rules.
Survey data in the report shows that while 85% of renters still aspire to own a home, more than half believe they never will, while 42% of young Londoners don’t want to leave the capital but fear that they will have to.
The Commission sets out a package of reforms aimed at removing the barriers preventing first-time buyers from purchasing homes. These include:
- New deposit and equity loan schemes to help buyers raise deposits
- Mortgage lending reforms to improve borrowing access
- Expanding discount market sale and shared ownership housing
- Introducing rent-to-buy models that allow tenants to save towards ownership
- Greater flexibility in housing supply to unlock homes further up the property chain
Cllr Ayten Guzel, Cabinet Member for Housing at Enfield Council, said: “Too many hardworking people are doing everything right. They are working, saving and planning for their future. Yet, they are finding the door to home ownership closed.
“Through this Commission, Enfield Council has brought together experts from across housing, finance and government to develop practical solutions that could genuinely shift the dial for first-time buyers.
“While the work started here in Enfield, the issues facing aspiring homeowners are shared across London and the Southeast. We hope this report helps drive the national conversation about how we restore the dream of home ownership.
“And this dream is not only for younger first-time buyers but also those residents who have longed to expand their families and stay in the community they have grown up in but have been blocked from the housing market, despite working hard and contributing to the local area.”
Paul Rickard, CEO at Pocket Living, said: “Pocket has always been at the forefront of developing innovative new ideas and solutions to increase homeownership opportunities for first-time buyers, often in close partnership with local authorities. We’ve been delighted to join Enfield Council in establishing this long-due Commission and to play our part in devising some genuinely bold and radical policy measures for the government to consider.
“All of the Commission’s recommendations have the potential to make a meaningful difference to hundreds of thousands of would-be first-time buyers across London and the wider UK.”
The Commission was chaired by Chris Curtis MP and included contributors from across housing, planning, finance and local government.
The report will be shared with national policymakers, housing organisations and industry leaders as part of a wider effort to influence future housing policy.
The full report can be viewed on the Buying Your First Home page on the Council's website.
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